Sensex on an all-time high after BJP leads in Gujarat, Himachal Pradesh elections
Sensex jumped over 300 points to an intraday high of 33,801.90, just 63 points away from its all-time high of 33,865.95 as Bharatiya Janata Party (BJP) headed for a victory in Gujarat and Himachal Pradesh state elections. Porinju Veliyath of Equity Intelligence said that "Narendra Modi has taken such a huge political gamble. He was playing with people's sentiment. No 'normal' politician would take that kind of decisions - like demonetisation, because it is risky from the voter's point of view. Still, it was done and it is going successfully from a market point of view; & I remain very positive." Sensex was over 1,200 points higher from its day's low. Gujarat-based companies such as Adani Enterprises, Adani port, Gujarat Alkalies and Chemicals, GSFC were trading up to 5 per cent higher. Among Nifty stocks, Vedanta was the top gainer, up 3.91 per cent followed by Hindalco, M&M, Adani Ports, SBI, Cipla and ICICI Bank, which rose over 2 per cent. "Because of demonetisation & GST-like major reforms by the govt, many of these companies (mid & small-cap companies), which were not professionally managed earlier, they are turning to professionalism. That is where the minority shareholders are going to gain significantly," he said. As of 1:35 pm, Sensex was up 246.78 points higher at 33,708.30 while the Nifty50 index traded 80.20 points higher at 10,413.45. Except for realty, all other sectoral indices were in green. -PTC News
